# Demographics → Intangible Subcategories

| Variable | Z→Org Capital | Z→Design | Z→Branding |
|:---|---:|---:|---:|
| Z_1 | -7.5976 | -5.1544 | -3.5078 |
| | (4.7202) | (3.4207) | (2.9456) |
| Z_2 | 0.4775 | 0.4471 | 0.3406 |
| | (0.5824) | (0.4247) | (0.3670) |
| Z_3 | -0.0070 | -0.0123 | -0.0110 |
| | (0.0211) | (0.0155) | (0.0134) |
| fiscal_bal_gdp | -0.0037 | 0.0057 | -0.0022 |
| | (0.0056) | (0.0040) | (0.0036) |
| nfa_gdp_lag | -0.1401 | -0.0391 | -0.0114 |
| | (0.1300) | (0.0940) | (0.0819) |
| rgdp_growth | -0.0049 | 0.0030 | -0.0043 |
| | (0.0042) | (0.0031) | (0.0028) |
| log_rel_opw | -0.3868 | -0.5877*** | -0.0626 |
| | (0.2987) | (0.2144) | (0.1761) |
| kaopen | 0.0313 | 0.0192 | 0.0459 |
| | (0.0658) | (0.0473) | (0.0419) |
|:---|---:|---:|---:|
| N | 230 | 227 | 227 |
| R² | 0.3280 | -0.0017 | 0.2092 |
| Countries | 23 | 23 | 23 |

*Panel GLS with AR(1) correction. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*